Ed Coll-led niche-market specialist Pangaea Logistics is boosting its fleet again through the acquisition of a secondhand supramax from the fleet of Japan’s K Line.
The Newport, Rhode Island-based company is acquiring the 58,700-dwt Nantong K (built 2011) as it continues to grow and modernise the fleet, market sources said today.
The sale price was not immediately available, but VesselsValue places a $13.82m worth on the Nantong COSCO KHI-built vessel at present.
TradeWinds has contacted Pangaea for comment.
After delivery, supramaxes will make up nearly half of Pangaea’s fleet at 10, with the balance consisting of panamax and handymax tonnage. Average fleet age is 10 years.
Closely held Pangaea has developed a reputation as one of the most creative of public dry bulk owners.
Pangaea has sought out niche trades such as hauling iron ore from Canada’s Baffin Island and bauxite from Jamaica that are strongly tied to cargoes and contract business, allowing it to insulate results from swings in the broader market.
The Newport, Rhode Island-based owner also has made recent investments in adjacent businesses like the Brayton Point terminal in Fall River, Massachusetts, which is to serve both traditional bulk cargoes such as salt and as a “laydown” area for wind-farm components.
In the first quarter, Pangaea signed contracts for two newbuilding ice-class bulkers of 95,000 dwt at China State Shipbulding’s Guangzhou Shipyard International on the back of its 10-year deal to haul iron ore from Baffinland Iron Mines in northern Canada.
The deal is valued at $76m, with deliveries in April and May of 2021.
